Sun Pharma Q3 profit drops 75 percent

New Delhi: Sun Pharmaceutical Industries reported a 75.17 percent decline in its consolidated net profit at Rs 365.39 crore for the December quarter, impacted by a one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates.

The drug major had posted a net profit of Rs 1,471.82 crore in the October-December period of 2016-17.

In the US market, the company said its sales declined by 35 percent during the quarter at USD 328 million and accounted for 32 percent of total sales.

"This decline was driven by the overall pricing pressure in the US generics market and the YoY reduction in sales of generic Imatinib and Olmesartan authorized generics," it added.

In India, sales of branded formulations stood at Rs 2,085 crore, up 6 percent from previous fiscal and accounting for 32 percent of total sales, Sun Pharma said.

"Our sales in emerging markets were at USD 189 million for the third quarter; a growth of 10 percent compared to the same quarter last year," it added.